ReadyLine of Credit
The Commerce Bank ReadyLine of Credit is a great source of funds for just about any need. Use it to make a special purchase, buy a car, camper or trailer or just to improve your cash flow.
- Speedy access to funds when unexpected expenses hit
- Provides a source of reusable funds
- No collateral necessary
- As payments are made, the amount available on your credit line increases, up to your credit limit
- No account opening, transaction or cash advance fees
- 9.99%-19.99% Annual Percentage Rate (APR), variable1 – View Important Disclosure
- Estimate Your Payment
- ReadyLine of Credit FAQs
With the ReadyLine of Credit, the size of each cash advance determines the manner in which it is repaid.
- Each cash advance of $2,000 or greater is repaid in equal monthly installment payments over a 48-month period, making it easier to budget each month2
- Each cash advance of less than $2,000 is part of a revolving balance with a monthly minimum payment, similar to a credit card.
|APR & Payment|
|Installment & Revolving
|Access to Funds|
|Options for Making Payments|| |
- Based on your creditworthiness when you open your account. After that, your APR will vary with the market based on the Prime Rate. The Prime Rate used to determine the APR on your account is the U.S. Prime Rate published in The Wall Street Journal in its column called "Money Rates" on the last business day of each month. As of 9/30/2014, the APR can range from 9.99%-19.99%. There is no ceiling on the applicable APR.
- Any Cash Advance of $2,000 or more (an "Installment Draw") has a required minimum monthly payment ("Minimum Installment Draw Payment"). The Minimum Installment Draw Payment is calculated based on the monthly payment amount required to pay off the Installment Draw in 48 months at the interest rate in effect at the time of the Installment Draw.
The Minimum Installment Draw Payment remains the same for 48 months. The applicable periodic interest rate is a variable rate. If the interest rate increases during the repayment period, the Installment Draw will not be repaid within the 48 month period. If the interest rate decreases, the Installment Draw will be repaid sooner than the 48 month period. In the event that the Installment Draw is not repaid during the 48 month period, the remaining balance will be repaid in accordance with the terms applicable to Cash Advances of less than $2,000.
Cash Advances of less than $2,000 do not have a required installment repayment amount calculated over a term of 48 months. These cash advances are part of a Revolving Balance, which is repaid in accordance with monthly minimum payment requirements described in the ReadyLine of Credit Agreement.
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